Journal Community Publishing Group Sells Several Publishing and Printing Assets
Wednesday, June 20, 2007
Press release from the issuing company
MILWAUKEE-- Journal Community Publishing Group, Inc. (JCPG), a Journal Communications, Inc. company, announced today that it has signed definitive agreements to sell its publishing and printing assets in Connecticut, Vermont and Ohio.
Under the New England agreement, Hersam Acorn Community Publishing, LLC will acquire the assets of JCPG’s Connecticut and Vermont clusters – consisting of 11 community papers, two printing facilities (in Trumbull, CT and Bennington, VT) and five shopper products. The Connecticut operations do business under the names “Hometown Publications” and “Trumbull Printing.”
Under the Ohio agreement, Gannett Co., Inc. will acquire JCPG’s Central Ohio Advertiser Network – consisting of eight weekly shoppers and numerous specialty print products – and its commercial printing business, Advantage Press.
On June 13, JCPG said it had agreed to sell its Louisiana-based publishing business to a Target Media Partners affiliate. In aggregate, the sales price for the assets of the New England, Ohio and Louisiana clusters approximates $30 million, subject to certain working capital adjustments.
The parties anticipate closing the transactions as quickly as possible.
“With the planned divestiture of our New England- and Ohio-based publishing and printing operations, as well as the recently announced pending sale of our Louisiana publishing business, Journal Community Publishing Group is now strategically positioned to turn its focus to deepening our media offerings in our vital Wisconsin and Florida markets,” said Elizabeth (Betsy) Brenner, president and chief operating officer of Journal Communications’ publishing group.
David Honan, vice president, general manager and chief financial officer of Journal Community Publishing Group, added, “Our Connecticut, Vermont and Ohio employees have dedicated many years of service to our organization, and we thank them for their hard work and commitment to producing high-quality products for all of our customers.”
For Journal Communications’ financial reporting purposes, the New England and Ohio publishing and printing operations, along with the Louisiana operations, will be treated as discontinued operations beginning in the second quarter of 2007.
Dirks, Van Essen and Murray advised Journal Communications on both the New England and Ohio transactions.